This chemical is primarily utilized in the field of organic synthesis, particularly in the development of nucleoside analogs. These analogs are crucial in the study of antiviral and anticancer agents, as they can interfere with the replication of DNA or RNA in pathogens and cancer cells. Additionally, it serves as an intermediate in the preparation of modified sugars, which are essential for researching carbohydrate-based drugs. Its unique structure allows for selective modifications, making it valuable in the design of targeted therapeutic molecules.